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to point that out. >> we'll consider him the leading edge. >> thank you for joining us. thank you. everybody else, enjoy the rest of your weekend. we'll see you back here on monday. "squawk on the street" begins right now. ♪ have a holly jolly christmas it's the best time of the year ♪ ♪ i don't know if there will be snow but have a cup of cheer ♪ ♪ have a holly jolly christmas ♪ and when you walk down the street ♪ >> bargain hunters starting to hit the malls across the country rushing to get in and get a jump on the holiday shopping season. will it be the strong start retailers are counting on? welcome to "squawk on the street" this day after thanksgiving. hope you had a great holiday. i'm melissa lee along with brian sullivan a sulliv sullivan. let's look at how we're up for this abbreviated session. this is historical tendency in terms of the period between thanksgiving and december 3rd. most of the time we are higher in the markets and we're seeing that play out so far in future. look at the picture in europe. a surprise increase in german business confidence the
i'm steve kroft. thanks for joining us. [ticking] [ticking] >> in a nondescript t-shirt at a nondescript desk, mark zuckerberg runs a vast global empire, leading the whole internet in his direction. is the goal for you to conquer the whole internet? to own the internet? >> well, think about it like this. people--if they can use a product of any category--photos, music, tv, anything--either by themselves or with their friends... >> mm-hmm. >> i think most of the time, people want to do those things with their friends, so-- >> so is the answer "yes"? [ticking] you describe bill gates in very harsh terms. um, you've described him as being quite abusive. i mean, it's not a pretty picture. >> and i felt like when i wrote it, i should just tell it like it happened, in an unvarnished way, warts and all. >> you'll hear how the two high school buddies who started microsoft and a computer revolution had some pretty trying times along the way. do you think he came to think that you weren't working as hard as he was and it became a source of resentment with him? >> well, i thi
us a lot about the state of the consumer and the u.s. economy today. so we're turning to one of the most seasoned and respected voices on wall street for help. we have dana telsey. she is our guest host for the next three hours. andrew, i'll send it over to you. >> we begin with a visit to toyland and here is toys r us. it opened its doors at 8:00 last night. and we have toys r us ceo joining us right now from the company's flagship store in times square. good morning. >> good morning. >> so i read a report you you had a big line. what's it been like all evening? >> it's been great. we did have a big line. we're at 44th and broadway.line went all the the way to 45th street and then down 45th all the way to 6th avenue. it was huge. people came in in a real celebratory mood. people ate ice cream, relaxed with their kids. i've never seen a black friday like this before, but 8:00 hour worked really well for families. >> let's talk about sales. how did it go overnight? >> we're just starting. this is 5:00 a.m. on black friday morning. we're really just starting. we have about a b.
steve jobs. you're probably already using something this quiet genius already invented. "the wall street journal report" begins right now. >> this is america's number-one financial news program. "the wall street journal report." now, maria bartiromo. >> here's a look what's making news as we head into a new week on wall street. corporate america had a strong message for president obama this week. ceos from more than a dozen of america's largest companies met with the president and warned that washington must reach a deal to avoid the fiscal cliff. the president also sat down with congressional leaders and officially began negotiations. if congress doesn't act, taxes on income, capital gains, dividends and estates will all go up. and automatic spending cuts will kick in, beginning on january 1st. this week, i spoke with alan simpson and erskine bowles, authors of a deficit reduction plan about what needs to be done. >> you can't tax your way out of this. you can't cut spending your way out of this. you can't grow your way out of this. so grab hold, it's going to be a rocky, rocky road. >>
year. courtney reagan's been tracking the numbers and she will join us with the details. also veteran retail analyst dana telsey will join us with her take. and coming up at 6:40, com score gives us a forecast for cyber monday sales. we of course continue to watch the fiscal cliff count down. lawmakers have been trying to convince the naub they are willing to compromise. they return to capitol hill today. >> everything should be on the table. >> bring entitlement reform into the conversation. >> a group of corporate executives are calling on congress to rise above partisan politics to try to find some sort of a solution. we have a lot to talk about with gleg brown and we'll start that in just a moment, but first over to andrew. >>> finance ministers are trying to unfreeze the second bailout package for greece, but first they must agree on how to cut massive debt to a more sustainable level. we'll head to london for details on that. and playing down a deal talk, tom joyce saying his country's currently if talks with at least two firms on a possible sale of its largest business unit. bu
, and police files used as confetti at the macy's day parade. how can it happen? is our security now at risk? >> illinois has the worst budget deficit in the nation and why is the state spending millions of taxpayer dollars on table for prisoners. >> and eco friendly zip lines, maybe they want them to watch "fox & friends" in prison, have you ever thought of that. >> dave: amen, there's some viewers, baby. >> clayton: "fox & friends" begins right now. ♪ . >> alisyn:. >> alisyn: good morning, everybody, thanks for joining us bright and early on this sunday morning, we have quite a show for you, including the ongoing debate that dave briggs launched yesterday about yoga pants and we invite you to weigh in this morning. >> clayton: you're still leading this fight and championing this fight. >> alisyn: he's made it a platform. >> dave: i may run for the white house based on yoga pants. there's both good and bad and we will delve into this later on and look, common ground. it's unlike politics, there is some common ground between the two extremes. >> clayton: of yoga pants afficianados. >> alis
secretary. home prices keep climbing. your professor will tell us if that streak can continue. connell: at the top of the hour, stocks now. good morning. it is nicole petallides on the floor of the new york stock exchange. nicole: good morning, dagen and connell. a big piece of news here. this is obviously a big deal. ninety dollars a share. you can see how the stocks are faring. this will create the second largest package food company. you can see the upside. conagra is up about 4% there. obviously, big news on that. the dow today down 41 points. he regained 3.3%. today we have come under pressure. the s&p and nasdaq also down. there is a loss of about 40 points. yesterday we lost about 42 points. short-term pullback is pulled back. dagen: thank you. if congress is unable to prevent the fiscal cliff, our lawmakers could send the entire world economy into a recession. steve moore is here, senior economics writer at the "wall street journal." he joins us now from washington, d.c. will they prevent it, steve? >> the good news is, no one should ever listen to what they say. but, you know,
forces claiming to have targeted 100 gaza sites. the u.s. secretary of state hillary clinton is on her way to the middle east for talks with officials in a bid to try to end the deadly crisis. we've been watching oil prices, as well. and after sharp gains yesterday, you can see oil prices pulling back about 27 cents, still just about $89 for wti crude. we will have a live report from our nbc colleagues on the ground in the middle east coming up in the next half hour. >>> let's talk about some of the main market events of the morning. actually today fed chairman ben bernanke's speech at the economics sclub of new york is coming up at 12:15 eastern time. traders will be listening no any comments on the central bank's operation twist program and discussions about changing how the fed communicates about interest rates. operation twist expires next month. and there is some speculation the fed will continue making asset purchases by expanding the size of its $40 billion a month quantitate of it easing program. also on the economic agenda today, october housing starts released at 8:30 a.m. an
today. also, the ceo of mellon will be joining us to talk about the markets. as we've been talking about, the biggest issue for the markets right now seems to be the uncertainty surrounding the fiscal cliff. yesterday business leaders urged president obama and lawmakers to prevent a year end across board tax rise that will go into act unless congress acts. >> he understands it requires a combination of tax increases and title refor and discretionary spending cuts that dnl democrats and republicans have to work together. i'm is sure there will be a lot of forth and back between republicans and democrats, the congress and the president as they start to work their way to a deal. but i'd say there's strong recognition of the significant of getting a deal for the ben fft t benefit of the american public. >> this is all about trying to make american business more competitive, trying to have a fair balanced approach to tax refo reform. the president was clear he wants a balanced approach and we were clear we are behind him. >> top the president and top member of congress will be meeting. cnbc i
rice made in the u.s. consulate in benghazi. that could be problematic. >> initially it was a spontanous reaction to what transspired in carey as a consequence of the video. >> that explanation continues to dodge rice. senator mccain said rice failed to get the facts straight. >> don't we all have a responsibility before we go out and talk to the american people and all five sunday morning shows for verifying that the facts were true. there is classified information that she had access to that contradicted that. and said al-qaida was decimated along with bin laden being killed. al-qaida is not decimated but roaring back in most parts of the middle east. >> the republicans senators mccain and ayotte will drill down and find out what happened and critics are tough on rice. but the white house is continuing to show strong support. >> ambassador rice has done an excellent job at the united nations and highly qualified for any number of positions in the foreign policy arena and i will leave it at that. >> today's meeting place between ambassador rice and her staunchest cri
? killer of killer capital is back with us. jeff, have you a very interesting take on this. most people would like to dive into it right now but that may not be what you should be doing. >> that's not the pure angle i'm taking. it is kind of a powerball fool's gold feel. people are rushing in because these companies are coming out with special dividends. watch that "x" date. the stock should drop the special amount of that dividend but i don't think the proper route. people dove in to hewlett-packard. will hurt people in the long run. is there what about the tax structure for the new year and these companies. increasing dividends by in some cases record amounts. >> this year we're seeing more an more people are putting allocation to a dividend stock. you have to be very careful. some people are getting in because of the dividend and not paying attention to volatility. a couple stocks i really like this year, moving into 2013, mostly due to the housing turnout. wells fargo, yielding 2.6%. much better than the 10-year. finally, duke energy, a nice energy company, putting up a nice yield b
together. it is sort of saying this silver lining is in sight and that gave us a boost here on wall street. 12,471. our heart of the day was 12,602. not far off from yesterday's. you are seeing some financials here. they are trying to move along. jpmorgan was in the red earlier today. bank of america. some of the financials are still in the red. citigroup, goldman sachs, case-by-case. it is not a blanket of of arrows across the board. it still remains. it is something they have to contend with sooner than later. melissa: breaking news right now. the fire is now out at the offshore oil platform. that is in the gulf of mexico. there was an explosion just after 9:00 a.m. eastern. it was about 20 miles off the coast of louisiana. at this time, the coast guard, look at that, the coast guard cannot confirm any deaths. two people are missing and nine people have been flown to local hospitals. we will bring you the very latest just as soon as we learn it. lori: bp is so fresh in everyone's memory still. president obama meeting with congressional leaders. it is all we are talking about these days.
and colorado. using the latest jobs report to make his argument that america needs a change. john roberts is live in inglewood where governor romney is expected to make his final campaign stop of the day. >> reporter: good afternoon to you. this is the time in the election campaign when those of us like to call it death march into tuesday. both campaigns pulling out all the stops doing whatever they can to try to woo over the late decided voters. governor romney on the stomp in iowa saying he has the experience to turn the economy around saying the president has failed to meet the challenge fay can the united states. >> the difference between us, he makes promises and he couldn't keep. i'm making promises i have kept and i will keep them for the american people. [ cheers and applause ] >> reporter: president obama meantime, continuing down the path you can't trust governor romney. that he is misleading american people, imploring to give him another four years to get the economy on track. now is not the time to be changing horses. >> after four years of president you know me. you may not a
us tomorrow. "squawk on the street" begins right now. >> markets waking up to the first full day of business after yesterday's holiday and the news flows back in full swing. good morning. welcome to "squawk on the street." i'm carl quintanilla along with melissa lee, jim cramer, david faber live at the new york stock exchange. futures in the red on cautious commentary from some retailers. management shake-up at microsoft and weak german business sentiment and this prolonged spat between the eu and imf over how to reduce greek debt. a beat and raise for the quarter for home depot. >> the man in charge of whippedos eat leaves microsoft just weeks after the product launches. >> jcpenney hits new lows. investors have to recognize that jcp is really two companies. we'll hear what he told becky, andrew and joe. >> lockup of all facebook shares tomorrow. >> first up, shares of home depot rising in free market pchlt home improvement retailer earned 75% a share in the quarter. that beat estimates. home depot raising full-year guidance citing signs of recovery in if the housing market. jim
markets closing at 1:00 p.m. eastern on friday. take a look at the u.s. equity futures. the dow is down by about 3 points. the s&p 500 is off by four. the nasdaq down by about 12. because of tomorrow's holiday, you do have the labor department coming out, releasing its weekly jobless claims numbers today. we get them a day early instead of a day late. also today we'll be getting weekly mortgage rates. and freddie mac will report on the weekly mortgage rate averages as well. >> let's talk about the top global market story this morning. it is greece's international lenders, which did not reach a deal, and now they won't be releasing that next bailout payment. nearly 12 hours of talks failed to reach a consensus. the imf and the central bank all going to gather again on monday to try again, but this is not necessarily good news at all. hostess brands will proceed with a plan to go out of business. the maker of twinkies says last-minute talks with the striking workers broke down yesterday, hearing with a bankruptcy judge set for 11:00 eastern time. then we have another string of bad news. >
for them and you center the hidous cartoon. birth to death. corrupting us and the immigrants and got to stop it >> rick, it is it a land of opportunity and hand outs. >> no one is handing it out. >> yes, they are. nit is just information that is available. same example -- information that shows up. anybody here in the table mitt romney, his father when he came here from mexico. he got that exact kind of government aid and he turned out t be president of one of the nation's biggest autocompanis and became governor of the state of the michigan. >> my dear friend rick unger has to be brought up to date. he didn't get them. it is supplement security income and that is it free money from the government. this is in addition to mediid and to food stamps it is a $1,000 a month you get. it is it a lot of new stuff. this by the way was started unde richard nixon and meant for blind and hancapped people. and i have to be kind to my friend rick since he beat me out of a starbucks coffee. but that said, we have become dependent on government. $3900 20 years ago was the average entitlement spendin
hours. they would push in and try to occupy the land that is used to launch 1,000 rockets at israel. right now, in cairo, there is a seize- on cease-fire discussion. egyptian and turkishes and qataries are mediating it . the israelis are there and both sides want different thengs there. is a lot of pressure on the israelis to come up with a deal and now other arab donors to hamas in the islamic before we enter a ground invasion . that could mean more civilian casulties. and terps of israeli soldiers as well >> leland bidder from the zone over in israel. >> casey mcfar land said expect for monday for something to break. >> you mean the talk or battle. >> she ow thought with battle. first step in keeping twinkies alive. hostess will start selling off their assets. they make twinkies and on ho-hos and wonder bread. companies are interested in buying the businessment hostess had no choice but to close after striking union members refused to return to work. they lost everything thanks to sandy and now the few things they have left are about to be bull dozed to the ground. city of new yor
brothera distress all too funny. >> and tweet them to us at fox friends first x. we'll pick them to show every single day until christmas. "fox and friends" starts right now. it is friday. i am gretchen carlson. i hope you have a fantastic weekend. it is it a compromise. is it ready though. obama style. the president makes an offer to avoid the fiscal cliff. lso where are the cuts? we are live in washington with the details. look at that guy. a construction worker walks in a convenience store checks his number and walks out perhaps a multimillionaire. we'll tell it to you straight away. >> officer and a gentleman. you will hear from the cop who spent his hard earned cash to buy a pair of socks and shoes. he pet them on him. "fox and friends" starts right now. ♪ ♪ ho, ho hompt >> indeed. rick it is not christmas time here in new york city until rick descends down one of the tallest buildings in connecticut and there he is. screen left from last year screen right. when he bumped into the building. good morning to you rick. >> some traditions like fruit cake that shouldn't happen . mayb
of insurgents in training camps. if they attack us and can't protect us. rudiual jul doesn't see a smoking gubut something big are than that. >> this is's situation that didn't have to happen. you don't need more smoking gun. to me it was a smoking cannon and when they blew a hole in the consulate wall and now all of the sudden, we don't give them more security and we reduce the security and we get surprised on september 12th that it was attacked. it was attacked before and no one requested the president of the united states. >> they asked for security was denied. >> the president is leak a prince off somewhere. did the president of the united states know his consulate was attacked twice . one time in june when they blew a hole in the wall and did you sploy more security? >> there is a couple of narratives here . mayor guiliani said there were security problems and they didn't help them out then the second narrative, did they know what was going on. clearly the reports show they knew something was going on. something came out last night. we learned that the attacks, the annex was attacked by hea
in, tom. >> no problem. thanks. dagen: joining us now also on the phone with more is new york congressman mr. charles wrangle. >> i am in my office answering the phone trying to get help to my constituents. we are so fortunate when i see the tragic events that have taken place with my neighbors on the long island and new jersey. dagen: tell us what problems your constituents are seeing the folks up there did not lose power either spin it some of the elevators are now back online. we lost a lot of vehicles that those people were unfortunate to have their grudges flood. we are helping people wherever we can. every day it will improve. i am so proud that every time there is a crisis we can reach down and find that thing that brings us together. dagen: congressman, what is the greatest need in terms of the overall city? >> say that again. dagen: where is the greatest need? >> oh, my god, people who have lost their homes and all of their possessions. they've lost the streets, stores, hopes, there is so much pain involved. if we did not have fema and the coordination between all the
territory. >> the head of mcdonald's u.s. business is out and jeff stratton will assume that business starting january 1. capped off last month with the first decline in monthly sales in about nine years. we'll begin with a teale of two retailers. walmart, revenues coming in short of forecast. -- as for target, the company posted third quarter earnings well above estimates, says it's poised for a strong fourth quarter, but walmart has some issues here, jim. they're talking countries including but not limited to brazil, china and some others too. >> yeah, i was thinking it bick, not brick. russia has been left out of the equation, foreign corrupt investigation, not a great number here at all. the stock had become a very big institutional favorite. if you recall during the mexican investigation, when "new york times" piece it, the stock was trading between 57 and 58. they were then overridden by a couple of really good, solid quarters. this was not the quarter that anyone was looking for. >> except for those who sold the stock over the last couple of weeks. i mean that stock has started
for government to set the context and not just focus on fiscal issue and talent and entrepreneurship. >> join us tomorrow. "squawk on the street" begins right now. ♪ let's do it ♪ >> a holiday shortened week but no lack of news heading into black friday. welcome to "squawk on the street." i'm carl quintanilla with melissa lee, jim faber, jim cramer at the new york stock exchange. a rally on our hands. whether that's about continued reaction to the meeting between the white house and congressional leaders on friday, maybe some hopes about finance ministers in april or hopes about what bernanke may say say tomorrow in new york. europe also on a tear. most of the major averages up 1% to 2% here as we await a big week in europe as well. we start with the markets. new optimism about the cliff. president obama in myanmar saying he's confident the fiscal situation will be dealt with hours after he hit the phones calling top ceos. >> lowe's shares on better than expected earnings. the results renewing hopes this morning about the housing recovery. >> international pressure mounts for israel and gaza
with your family. shoot us a e-mail to fox friends first at foxnews.com. >> have a great day, everyone. "fox and friends" starts right now. >> i will see you back here 9:00 to 11:00, stay tuned. >> alisyn: good morning, everyone. i am alisyn camerota. this is hamas style thugs executing a suspected israeli spies and dragging their bodies through the streets. we are live in israel with the latest. >> steve: get ready, set, wait, thanksgiving travelers packing the airports at this hour for the busit travel day of the year. we are there live with the very latest on the delays. there -- they are substantial. >> brian: we are saving the twinkie. we have the recipe to make them at home. the home twinkie set america can't get enough of. "fox and friends" starts. action. ♪ "fox and friends". >> alisyn: good morning, we have breaking news for you. there is chaos in the streets of tel aviv after a bomb ripped through a bus near the military headquarters. at this hour at least 10 people are wounded. the conflict in the middle east raging on as violence in israel and gaza enters the ei
live from care row. what can you tell us. >> details of the offices of the muslim brotherhood. attack happened about 70 miles outside of cairo. one of the regional offices. one person killed in the attack, 60 wounded. here in cairo security forces skirmishes continues you can hear sirens and ambulances as well as tear gas is popped off as several thousand protestors are demonstrating to show their unhappiness. >> gregg: will morsi plan on meeting the judges tomorrow and what will they be talking about? >> as you know the judges across the country have threatened to go out on strike over this power grab by the egyptian president. there has been a meeting scheduled for tomorrow between morrisi and the judges no word of a cancellation. it could be an attempt by the egyptian president to reach out to opponents trying to draw black from the violence that has escalated. what we are waiting for as far as the demonstrations, when pro and anti-people on the ground will try and march. we'll get a gauge of their numbers to see how strong they are. right now opposition figures say they will be no
for being here today. it's been a pleasure. ed, don, we'll have you both back soon. that does it for us today. join us tomorrow. right now it's time for "squawk on the street." >>> good tuesday morning. welcome to "squawk on the street." i'm carl quintanilla with jim cramer, david faber live at the new york stock exchange. melissa is off. the latest s&p case-shiller report has been released. results at the bottom of your screen. we'll go inside those numbers in about 15 minutes from now. >>> futures here marking sometime ahead of data later this morning. we have a mild rally in europe after the greek bailout deal does get done after the third round of talks right now it looks like london and paris are in the green as is frankfurt. our road map starts in omaha where conagra is buying ralcorp. a deal worth 6.8 billion including debt makes it the largest private label food manufacturer. has it lit a fire under m & a? >> don't come in with a negative attitude when i'm positive. >> we want to talk about the wave of special dividends. it continues. this time las vegas sands and dillard's, nea
that hasn't happened since october 2011. u.s. equity futures at this hour actually higher. up by about 65 for the dow, s&p more than 7, and as joe mentioned, the fiscal cliff is still the focus. today treasury secretary tim geithner will be meeting with congressional leaders. first harry reid at about 10:00 and then followed by a session with john boehner, eric cantor, paul ryan and chairman of the house's tax writing ways and means committee dave camp. also lunch with republican senate minority leader mitch mcconnell and nancy pelosi. yesterday a number of high profile corporate leaders met with president obama at the white house, including lloyd blankfein. >> both sides have acknowledge there had is revenue concessions and entitlement concessions. in fact if you listen to it, again, i'm not a master of the political art here, but i would say if you have these point of views in a business context, i would say a deal would be in reach. >> among our guests this morning, we have ron johnson. at the white house today, president obama will host mitt romney for a private lunch. it's their firs
keating joins us from tampa, and the numbers. it was crazy yesterday, phil. >> absolutely, reportedly six hour waits at certain locations in miami-dade county outside of the precinct on friday, three and a half hours all day long to stand in line, shuffle forward and finally cost their ballot. the numbers are big despite the fact in 2008 there was early voting on this sunday before election day, this year, there is not. and that's been a point of convention, democrats and democrat leaning groups have called that voting suppression engineered by the republican dominated legislature and governor's office in the state of florida. however, despite those cries, the numbers have been as good as they were back in 2008. take a look at numbers right now. nearly 4 million, this is through friday, nearly 4 million floridians voted early, by early voting or absentee ballot. and the way it breaks down, the most early voters stand in line and cast their ballot, 45% of those people are registered democrats, 36 are registered republicans so clearly democrats have the edge there on early voting, but when
from us and we will be using that at some point, at the appropriate time to begin to tight monetary policy. now, you're talking about the other direction, why don't we just cut it to zero, pay no interest on excess reserves and there thereby, get a little more accommodation? it is something we have considered repeatedly, i don't rule it out as an action in the future. the cost benefit analysis we have done in looking at it, starting where we are at 25 basis points is the following. if we cut -- if we were to cut that it interest rate from 25 basis points to zero, our estimate is that it would affect very short-term interest rates, like overnight rates by something on the order of eight or nine basis points, extremely small amount. and that, in turn, would have even a smaller effect on the interest rate wes care about like the rates on auto loans or houses, et cetera. so the stimulative effect of that action, while going in the right direction, we assess as being very, very small. on the other side you can the concern we have, or at least some have had, is that if there is no return
yesterday via those sites reopen again today from 1:00 to 5:00 p.m. open for us, saturday 1:00 until 5:00 and we will keep them open as long as they are needed. we have to come up with a long-term plan for people out of their homes for months, not able to cook and find food, and we're working on that but our first concern is to meet the immediate needs of people and hope what electricity comes back to some, the population that will really need our help will be down to it more manageable size but whatever size it is i am convinced we have the resources and the drive and the management to do so. anyone who visit visit one of o3 sites will be able to take three meals and bottles of water. people should bring their own bags to carry the food and water if at all possible. to publicize their hours and locations of these homes they've handed out thousands of flyers in english and spanish and chinese in the affected areas, but officials were present in those communities and their staff going door to door to help us get the word out and we have posted the site locations on the city's website. a
this. toys r us is opening at the same time on thanksgiving, sears opening same time on thanksgiving. apm, target is opening a little later, 9 p.m they need to do this in order to bring in the revenue. these are companies that are hurting, right? >> yeah. businesses are in business for profit. hear morgan and rick, you would think they're exploiting their employees, but the reality is every time a wal-mart opens, big, big lines of people wanting to work there. so i think it's the opposite of what they say. they're getting paid double time. i think this is just an example of unions who are increingly irrelevant in the private sector looking for attention on a day in which they'll get it. >> victim tore y what do you want to do? do folks who are against what wal-mart is doing, do they want to outlaw work on holidays? >> i'd like to. i think it sounds awful. i think shopping on thanksgiving evening is awful. >> sometimes you have to do awful things in order to pay the rent, right? >> be at home and have some apple pie, you know. [ laughter ] look, the issue here is that we have an awful
over. he used geithner's political capital which i think was a mistake for geithner. >> he's leaving. >> but it's like using -- >> going back to goldman. >> where he started. >> where he cut his teeth. >> like using a pitcher because you don't care about his arm at the end of the season. so you threw him out there and you send him over with -- and you also let the republicans characterize the plan. which from a pr standpoint i don't think was that smart. so i think they blew that one. but ultimately it strikes knee obama did not suggest, you know whark what, i want to get it done quickly. >> people supposedly knew or that act like they know what the pinl deal will look like is like they gotting withed down at 800 last year. so the president is starting at 1.6. so they'll end up between a trillion and 1.2. anything close a trillion would be seen as boehner prevailing a little bit because he only had to go up 200 billion and anything closer to 1.2 or -- would be a win -- >> i think the big question is what happens to entitlements, too. what do you put on the table for that. >> the diff
more for us from london in a few minutes. >>> back here in the united states, the house returns from its thanksgiving break today. the senate was back yesterday. meantime today president obama will be meeting with small business leaders. at issue of course is the series of tax increases and spending cuts that kick in at the end of the year if congress doesn't act. >> there will come a point in time where we can't borrow anymore money and interest rates will sky rocket. >> cnbc's raise above campaign continues. we're asking who has the courage to rise above partisan politics and find a solution. among our guests, three men who understand washington, wall street and corporate america very well. we have the chairman of president george w. bush's council of economic adviser, ed lazear, roger altman, and real estate tycoon don peebles. but let's cover this morning's top headlines. >>> we do have a lot in the corporate headlines this morning including equity residential and avalon bay communities agreeing to buy archstone from lehman brothers holdings. the price tag, about $6.5 billion in
using all of his talents as a salesman to dress up these very same policies that failed our country so badly. the very same policies we have been cleaning up after the past four years. and he's offering them up as change. >> here's my last question: are you ready for this? are you fired up? are you ready to go! five day, get to work! >> the romney/ryan ticket has persuaded and explained what their plan is. the president's been left just to attack. for him to think or say that -- that it's very difficult to get things done from the inside is pretty telling. he is the president of the united states. if he can't do it, maybe he should step aed and let someone else try. >> governor romney will say virtually anything to win, as the dealer put it, he will do anything, no matter how much confusion he must sew to do t. the president's job is not sosew confusion, but to plant the seeds of competence and growth in the american people. >> one thing i know about mitt, he does not fail and he will not fail as a president. i have seen him as a husband, as a father, as a governor, as a businessman,
the deficits. stuart: he wants to raise tax rates on income and dividends and profits as well. joining us now, steve is the author of "how rich people think", steve, welcome to the program. good to have you with us, sir. >> hey, thanks, stuart. stuart: my premise is the stock market is way down because a lot of people, rich people in particular, are selling stocks on which they've already made a profit. they sell now, they get a lower tax rate than if they sold next year and took their profit in 2013. what do you say? >> absolutely. this is the time to get out and we're seeing it on the dow, we're seeing it in the different sectors, i mean, people are selling off like crazy and it's the right play. i think. stuart: it's tax driven? >> oh, i think so. yeah, i think it's-- i mean, since the election, it's been like a frenzy and i think we'll see it throughout the rest of the year. stuart: all right, your book is "how rich people think" so you're telling us that they think in terms of reducing the tax bill. is this extended beyond stocks? i hear there's a lot of selling of real estate where you
to be careful. these are unknowable things. it's a very fluid situation, as you identified. somebody gives us some happy talk. this market goes straight up. i think gold is giving perhaps a false signal there won't be qe-4. i believe there will be. it's just a matter of time. this is going to take time to implement. we're not going to put all these changes in place january 1. there's no grand bargain out there that's going to cover all these things at once. it's going to be to have phased in. it would be too much shock to the financial system. >> steve, if only the market could focus on just the economy, which actually seems to be chugging along okay. if you look at durables, consumer confidence, the ongoing recovery and housing, it's the overhang of the cliff that's spooking everybody. >> yeah, we've had somewhat better numbers. the new home sales today, not great. maybe sandy affected even though the government said it wasn't. the economy's okay. it may be more of a 2% plus economy in the fourth quarter than is being given credit on the street. it's not gang busters. the question has been f
want clinton type of tax rate that we had back in the 1990s, okay, give us that clinton type of error. in return, we want spending levels proportion to the economy. repeal obamacare. republicans should go on offense instead of just letting the democrats define the terms of debate. dagen: do you think that all of the tax rate should go up? >> no. no. dagen: just for the wealthy, you are talking about. >> i do not want any tax increases. critics will say: oh, you are just kicking the can down the road. fine, that will help save the economy. that things will happen. connell: just in terms of perspective, the economy and numbers we report every day, you could make an argument that things are getting a little bit better. the housing data is turning around. some people say time heals wounds. >> all the more reason not to hurt the economy. there are numerous new regulations coming under obamacare. that will hurt. you have numerous regulations coming from dodd-frank. that will hurt. put them to the third degree. why in the world do you want to pile that on with new taxes? connell: do nothing
six weeks after a face to face showdown on the deadly raid in the u.s. consulate in benghazi. >> you said it an act of terror. it was not a spontanous demitration. >> please proceed, governor. >> i want to make sure we get that for the record. >> and while he is in town, he will meet with congressman paul ryan. they have kept in touch and at a are catching up somewhere off cap capt hill where ryan has returned to work. >> steve: i wonder if candy crowley will be invited. >> gretchen: it is a photop. it is disappointing in the sense. if it were president bill clinton, you might think that something. ideas might be exchanged with one another. >> steve: some folks suggest that maybe the president would offer him secretary of business. >> gretchen: really? wait a minute. what percentage of people watching right now think that president obama would offer mitt romney secretary of business. >> brian: that is. >> gretchen: that would be fantastic but i doubt it. >> brian: in reading his bio. one of the business mistake was working in the cabinet for president nixon. i am personally kind of d
are there doing nothing, still they're the ones who helped get us into this mess. now they are back. let me ask you about one more thing. we keep hearing about companies like wal-mart paying dividends before the end of the year, realizing dividend taxes will go up, people can click ahead of time, same thing we are hearing about bonuses. it is easy to pay somebody their bonus december 25 of january 2 depending on the tax treatment. do you think that is going to impact gdp in the fourth quart quarter, that there is just a lot more cash realized, like mark peabody and we see a decline in the first quarter because of that, or not? >> the pull forward effects. that is something that is a risk, although quite honestly us economists have been marking down our fourth quarter gdp numbers, we're only now looking for growth at about 1.5% in the fourth quarter. the other thing to keep in mind is how much of that money would actually be spent, depends on how consumers are feeling. if they are feeling nervous, the equity market is really under pressure because it's getting toward the end of the year and we h
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